Netraam

Hi!

So, I have 2 questions here. What is your experience with Transferwise? I am trying to figure out the best way to move our savings over Irish account to a Canadian one. I am considering opening up a Transferwise account and hope to avoid the crazy fees. Any of you guys have experience with Transferwise or perhaps other good tips?

Then, the other questions is one that I can't really get a grip on. My current employer is considering to keep me employed and have me work from Canada remote. We have offices in both the US and Ireland, but no experience with remote workers in other countries. Is there a way that I can be kept on the Irish payroll and how would that work with being taxed? I do believe there's a construction for this, but it goes beyond my comprehension : P

Thanks so much for thinking along!

Hurlabrick

I have used TW for all my transfers over the last 3 years and continue to use them. I normally transfer large amounts that need multiple 'faster payments' transactions from my UK high street bank account. Very pleased with them, the rates, the speed and the charges.

Netraam

Thanks for confirming! It looks like this is going to be a big saver..

castra

I'm not in Canada anymore, but I've been using it once a month for the last four years with no problems whatsoever. Charges are extremely cheap compared to the banks. The whole online process is simple & quick.

rivingtonpike

Hurlabrick

OP is in final couple of weeks of spousal sponsorship, so looks like a permanent move.

rivingtonpike

Hurlabrick

There is a dual taxation agreement in place between Canada and Ireland for sure. It is the Irish bit I cannot be sure about. I am GUESSING that eventually you could get paid gross into an Irish account and declare this to CRA as overseas income and be taxed in Canada on it, but only my guess. Others will probably know for sure. In any event, I suggest you should let the Irish tax authorities know you will be leaving for good for Canada and tell them about you ongoing employment once this firms up.

BristolUK

Lots of threads on Transferwise. Completely reliable. Seems to be a favourite all over the forum.

I use them monthly and have done so for 3 years now.

Netraam

rivingtonpike yes, forgot to mention, I am just waiting for my CoPR to come in. Hurlabrick Thanks for the info. It's good to know this exists and I will have study up on the exact details of it. Also good to be reminded of notifying Irish Tax Dep. so much going on in my head right now.

Will definitely use Transferwise, did a bit of calculating and the savings are BIG.

Will_PA

Dunno if Revolut is available in Ireland... but it's such an easy way to manage different currencies. You have bank accounts in each currency you need, and you can move money at close to spot rate. It takes 5 minutes to set up.

I can give you a link for £10 free balance (I get £10 too). But that's not why I'm recommending it! It's genuinely brilliant.

They're launching in Canada soon. I registered in the UK (while in Canada - it's v short application form for a new bank account compared to Canada!)

<sniip>

Netraam

Thanks! I will def look into Revolut. Amazing to see all these great alternatives to the conventional banks with their hefty fees!

glendem4

We transferred the sale proceeds from our UK property to Canada using TransferWise. Compared to the big retail banks, we saved £8000 in unnecessary exchange fees with TransferWise. The money is in your Canadian bank account within 24 hours. One advantage with TransferWise is the ability to cancel an order. E.g if some good news on Brexit comes out when the exchange rate was $1.62 and jumps to $1.66, you can cancel your earlier order and resubmit , as long as you do it within 24 hours.

Netraam

That's nuts! Any experience with the Transferwise card? Or you only use it to wire from account to account?

Hurlabrick

Huh? Never heard of the Transferwise card. I have an online account with TW and use that to transfer from my UK Nationwide account to my Canadian bank account.